Power companies report millionaire losses in first trimester

Edesur authorities explained the reasons behind its negative balance were mainly “the fines due lack of service to our clients."

Key power companies Edenor and Edesur responsible for the distribution of energy in Buenos Aires province, presented their balances for the first trimester of 2014, reporting multi-million peso losses.

Electricity provider Edesur, presented a loss of 1.1 billion pesos, or 295 percent for the first three months of this year. While Edenor, the company that supplies energy for the northern region of the province, reported an important loss estimated in 738,6 million pesos, or 44,8 percent for the same period.

The two companies warned that regular supply of energy is under risk.

Edesur authorities explained the reasons behind its negative balance were mainly “the fines due lack of service to our clients, which ascended to 186,1 million pesos followed the heat wave suffered in 2013.”

Tariffs in most of the public service companies in the country, including energy providers, were frozen in 2002 and unmodified despite the higher inflation rate in the last years.